Marina Bay with Suntec City and National Stadium and Kallang in the background.

7/04/2012

Bankers Fleeing Europe Crisis Head to Singapore

The Europeans have started to take them down, one by one. The crooks and robbers in high places, wearing designer suits and an air of superiority, in the financial industry of the west, will hit the dust as their ill doings are being exposed. More will see their light being snuffed out as the financial industry with its unregulated mischievious products and practices revealed themselves as purely toxic and worthless waste. After wrecking the world economy in the late 1990s, nothing seems to change as they continue to revive and indulge in their old ways, and aggrandizing themselves with more dirty money from their ‘sophisticated’ but daft high net worth clients.

As the curtain is coming down, many are scrambling to the ignorant and naïve Asian countries that would open their doors and arms to embrace these financial rogues and their scam practices thinking that they were the god sent angels to boost up their financial systems and profits. If only they think a little and ask if these were really so talented, if their practices were so supreme, they would not be running away from the western paradise. And the top crooks and robbers would not be taken down, the big banks and financial institutions would not be in ruins.

But never mind, the Asians are always willing suckers to the west. Below is a compressed post on the great talents and their exodus to Asia. Sinkieland will be waiting in glee for these great talents. The first financial centre in Asia that will be in ruins will be Sinkieland if it blindly allowed all the rogues and their rotten products and systems into the island. Just watch the stock market and the signs of its demise.

Posted By: Rajeshni Naidu-Ghelani
Assistant Producer, CNBC

29 Jun 2012

A 37-year-old Paris-based French investment banker, who’s worked in London and New York, has been looking for a job in one of Asia's financial hubs, Singapore, for the past six months.

A director at an asset management firm owned by one of France’s big banks, she asked to stay anonymous, but told CNBC that even her husband, a portfolio manager, was on the lookout for work in Singapore. She added that they would move to the city-state with their two children as soon as one of them lands a job….

The French investment banker is one among a growing number of bankers looking to leave Europe as deteriorating economic conditions together with tougher regulations have slowed business and led to job cuts…. “It’s very, very slow here [in Europe]. On top of that, there are a lot of regulations adding up on each other, so it makes things a bit difficult,” she said.

Several global recruitment firms have told CNBC they’ve seen a significant increase recently in the number of European bankers wanting to relocate to the Southeast Asian city-state….The slowness in European and U.S. markets is also leading to more Asian-born bankers returning home to work, according to Norton….Malaysian-born Wai Keng Kwok, 33, is one Asian-born banker looking to make a fresh start in Singapore. Kwok moved to the island-nation in February,

after working for Morgan Stanley in New York for five years, to take up the role of chief operating officer at a local hedge fund started by a friend.

16 comments:

Aiyah, not surprising. I predicted this years ago lah when the GFC started unraveling.

What did you expect them to do? Become monks and beg for food?

Opportunities come with crisis.

Don't make the "Asia cuntrees" look all goody-goody and "innocent". There are local players in every cuntree who are also hell bent on rorting the financial system to make quick mega bucks. Plus you can bet people working in government will also be complicit in any scheme to screw the working middle class.

redbean, fraud and theft is fraud and theft -- the amount of ill-gotten gain another separate issue.

OK, for the children here: once you are used to a certain lifestyle commensurate with the amount of money you "expect" to earn, chances are your behaviour will be directed toward those goals in alternative environments and scenarios if your present financial "security" is challenged.

Therefore if you were a finance "professional" you would seriously consider leaving your present environment which is not only collapsing, but being increasingly regulated and move to more "free" and "prosperous" climes.

The EU is still collectively the most wealthy place on earth, with the highest value of exports in total. These EU "professionals" are well-versed in EU markets and with regulation -- they know the "tricks" around it and thus bring high value skill sets with them.

Plus there's a lot of money to be made in Europe. For e.g. the inventory of houses and property for sale keeps growing and the prices falling.

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